TRADE OF THE WEEK.

New Zealand Herald, Volume LXVIII, Issue 20993, 2 October 1931, Page 5

TRADE OF THE WEEK.

RETAIL AND WHOLESALE. OBSCURE POSITION CONTINUES. ALL-ROUND PRICE ADVANCES. Overseas buying on a forward, basis has remained practically at a standstill among Aucklartd merchants this week and buyers at most commercial houses find themselves in a bigger quandary tlmn ever. Although many shippers' prices remain withdrawn, quotations now coming forward aro showing sharp increases, owing mainly to tho movement of foreign currencies against tho English pound. Many British-mado lines, which draw rawmaterials from foreign sources, are, too, reflecting the adverse conversion rates and should tho position continue for any length of lime, the consuming public must inevitably faco a substantial increase in price for many staple commodities. An indication of the effect on prices is provided by a, loading of California!! dried fruits coming forward by the Golden West, which was to leave Los Angeles yesterday. One well-known firm of San Francisco shippers has advised its consignees that the shipments made have been covered at the conversion rate of 3.35 dollars. Most of the purchases concerned were originally based on a rate of 4.25 dollars, which will mean that the merchants involved will incur an advance in price on these goods in New Zealand of approximately 3s 9d in tho pound, or about 18 per cent. Yesterday, however, there was some doubt about th_o despatch of the vessel owing to a hitch in regard to credits for other portions of the cargo. A general effect of the position has been to complicate greatly business which hitherto was transacted on a straightforward basis and many houses aro daily •finding themselves facing problems which they have never had to meet before. One of the greatest difficulties is the inability of merchants at tho present time to quote definite prices to country clients who are unused to the many trade provisos in such free use at the moment. Business on tho whole, however, has been very satisfactory, and as far as can be ascertained it has been practically devoid of speculative buying. DATES. The market f.or dates is generally firm, although considerable business is reported to have passed during the week in a special line for November, December, January shipment at an exceptionally low figure. ALMOJi'DS AND NUTS. A further increase of 5s a cwt in quotaiions for ground almonds is advised by shippers. Prices for Sicilies have moved up 21s a cwt. Price 3 for Jordan almonds are named on a basis aboub 30s a cwt higher than the level ruling a few weeks ago. An advance of IJd a lb. has taken place in prices for Brazil kernels. CREAM OF TARTAR. English shippers notify an advance of £lO a ton in quotations for cream of tartar, all business strictly subject to confirmation. Some dealing has taken place in Australian at prices about on a par with current English quotations from day to day. Tho Australian prices, however, have now been withdrawn. AMERICAN TOBACCOS. Owing to the fall in the value of the English pound in the United States, tho price of all lines of American tobaccos was increased Is 6d a lb. in Auckland jjesterday. This affects several popular brands of plug tobacco and certain lines of cut jiacket tobaccos. PEANUT KERNELS. Forward business in Java peanut kernels has been brought practically to a standstill by adverse movements in conversion exchange. Many shippers are now unable to accept orders and all prices are withdrawn. One agent has quoted in Dutch currency requiring a letter of credit on Amsterdam. Others, in the hope of doing business, are quoting £i a ton higher than the quotations ruling about three weeks ago, EASTERN PRODUCTS, Eastern markets have firmed considerably following financial developments in Europe and latest advices from Singapore indicate that sago and tapiocas have been advanced by about 12* per cent. Pineapples are also showing r.ses of from 7* to 10 per in c.i.f. prices, part of which is probably accounted for by the higher price of tin. TEA.

There was mi offering of 1,500,0001b. at this week's Colombo auction. The market ivas very excited, common teas advancing 2d a lb. and medium teas 2}d a lb. It is also reported from Colombo that owing to the unfavourable feather crops are small and growers are looking forward to high prices. Calcutta advico states that the market there was also very excited. Common teas advanced 2}d a lb., mediums 4d a lb., and good 3d a lb. A small crop in North India was also reported. As the valu-3 of the rupee m sterling is fixed at about Is 6d. the state of the markets and the higher prices now being realised are apparently due to the reports of smaller crops. HARDWARE. Satisfactory business with the country is passing in hardware and piping, galvanised iron and other seasonal lines are moving out fairly freely. City trade, however, remains restricted. The hardware houses are placed in a similar predicament to all other importing merchants bo far as foreign exchange fluctuations are concerned, although many bulk lines come from Great Britain. Some English manufacturers have withdrawn their quotations, while others quote subject to alteration without notice, the reason for this apparently being the fact that prices of raw materials are being affected by foreign exchange movements. American and Continen'.al lines such as tools, etc., are naturally increasing in price, and Englishmade goods iiro likely to benefit while the position lastfi. Pig and sheet lead have moved up, the former to the extent of £4 a ton. Higher prices are also being asked for piping and iron. In paints and oils white lead was advanced by £2 a ton yesterday and linseed oil was increased 4d a gaUon. POTATOES. Fairly heavy supplies of potatoes are held in Auckland and the price was somewhat depressed during the week. Business has been done from £3 153 a ton ex wharf to £4 5s through store. The indications lire for a smaller i-hipment next week and the price will be dependent on this week s carry-over. The demand for old Canterbury potatoes is likely to slacken in about a fortnight's time. No demand is being experienced through the merchants for new potatoes, but limited quantities are being disposed of through auction, the price ranging with the quality. ONION!?. Australian stocks are now practically cleared and business is confined to American Indelinite conversion rates make it. difficult to arrive at the landed costs. Pricos are firm at 19s a bag and 20 s a crate. OATS. There is no alteration in the oat market, which is practically lifeless. Feed oats are worth 2s Sd a bushel through store. BARLEY. There is a good demand for Australian barley. Undipped is -being done at around 3s Gd a buiihel ard clipped at 4s. CHAFF. Spot, stocks of cliaff are light and will remain so until a shipment from Picton is landed abort. October 12. In the meantime prices are unaltered at .£7 15a a ton ex store. Bookings to arrive are being made at £7 5s a ton. WHEAT. The market for wheat is steady. A fair volume of business is being done in sample undergrade, the price varying from f>s 12(1 a bushel to Gs sd. (Traded is \\<>rth C.s Sd a bushel through store MAIZE. The maize market is weaker in the Bay of Plenty. Some small parcels are being picked up ut from 3s lOd to'3s lid a bushel f.o.r. Tho Gisborne position is unaltered at 4s a bushel f.o.r In Auckland it is selling at around 5s 4d a bushel through store. BRAN AND POLLARD. A slightly firmer tone continues v in the Australian market for pollard. Quantities are still being brought over weekly. It is being done at around £5 15s a ton ex wharf to £6 5s a ton through store. The local mills' price is £6 a ton. The demand for fcran is limited to small quantities of Austral an, which is selling at around £5 10s a ton. Tho local mills' price remains at ;C5 ss. BASIC SLAG. The foruard market for basic slag remains obscure owing to the exchange position.